Marking its foray into India’s booming airport infrastructure sector, Tata Group has purchased a stake of 20 per cent in GMR group's airport vertical GAL, reports Mint.
Today (27 March) morning, GMR Infrastructure Limited (GIL), in a regulatory filing, announced that it has raised Rs 8,000 crore from three investors - Tata Group, an affiliate of Singapore’s sovereign wealth fund GIC and SSG Capital Management - in its airport subsidiary GMR Airports Limited (GAL).
GMR, which is the largest private airport company in India, is also among the top five private airport developers and operators globally. While it presently owns and operates Delhi International Airport and Hyderabad International Airports, it also recently won a concession to develop and operate Goa’s Greenfield airport.
Following the investment, GIL will de-merge its diverse energy, highways, urban infrastructure and transportation businesses, thus separating its airport business from other segments. The investment and the subsequent de-mergers will be subject to definitive documentation, customary regulatory approvals, lender consents and other approvals.
From India, To The World
GMR is also the only private airport operator in the country to have operations outside of India. In partnership with Megawide Construction Corporation of Philippines, GMR currently operates and develops Mactan Cebu International Airport – the second largest airport of Philippines.
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